Actually no. Motivation is intrinsic. Some find their calling in working for a company. or founding a company. Those are the ones that must be rewarded as they are the company.
For others it is just a job, which is fine. I have many acquaintances who love their family lives and have a job because they must to pay their bills. They are essential for a company, but nothing more. Throwing more money on them, won't change the attitude.
And then there are those few toxic people - weed them out.